According to the latest developments, Nigerian authorities want to create a structure similar to Dubai's virtual free zone. In this context, we will work with Binance for the region, which is planned to be established as a first in West Africa. NEPZA President Adesoji Adesugba said that the country's aim is to create a thriving virtual free zone, thereby taking advantage of the nearly trillion dollar virtual economy and digital economy in the blockchain space.
Binance continues to work for the global adoption of cryptocurrencies. Nigeria aims to leverage Binance's experience with the goal of maximizing the benefits of the blockchain economy. Thus, Binance continues in its efforts to increase global acceptance by partnering with Nigeria after a similar initiative in Busan, South Korea last week.
The world's largest stock exchange signed an agreement last week to provide technological and infrastructure support to the city of Busan. Under the agreement, the exchange aims to support the Busan Digital Asset Exchange and the development of the city's Blockchain ecosystem. In addition, Binance announced its goal of supporting the country's securities industry by signing an agreement with the Cambodian Securities and Exchange regulator SERC. Binance also opened a crypto education center to raise awareness of cryptocurrencies and Blockchain technology in the African region. On the other hand, it is known that Nigerian citizens have a very high interest in crypto. However, the Nigerian Government has not so far had a good relationship with onshore crypto companies despite the public interest.
As part of this policy, the Central Bank of Nigeria has instructed banks operating in the country to cease trading in cryptocurrencies. The central bank considers that the increase in cryptocurrency transactions in the country poses a threat to the financial system. The Nigerian Securities and Exchange Commission released a guide for digital assets this year. In this way, the Commission aims to ensure market openness and investor protection.